Achieving an efficient financial close process is critical for providing timely information to key stakeholders, including corporate executive management, investors, SEC regulators, etc. However, in recent years, the dynamically changing compliance environment has been making the closing and disclosure reporting processes more complex and time consuming.
In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02 ( “ASC 842”), Leases, which provides new guidelines that change the accounting for leasing arrangements.The new leasing standard becomes effective in fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, for:
Is your finance process complex? Is it all digitally connected? Are you looking for a path forward that doesn't require throwing out everything you have now?
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Whether you’re a CFO or a financial controller, you know how much time and effort you and your team spend deep in concentration to get your monthly accounting figures to balance. Your accounts payable and accounts receivable work doesn’t get much attention unless things go wrong, but all the time you need to stay on top of your tasks to keep things running smoothly.
A recent article in Compliance Week paints a different picture from people who think that adoption of Revenue Recognition per ASC 606 is behind us. Even though the new standard took effect on January 1, 2018, the issue of compliance as seen by auditors and the SEC is now just ramping up.
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Some highlights from the article include:
The Institute of Financial Operations sets aside a week every year to celebrate the dedication, drive, and accomplishments of Accounts Payable staff as key financial operations professionals.
Today marks a key milestone in the evolution of S/4HANA with the release to general availability of SAP S/4HANA 1809. As a co-innovation partner with SAP, Bramasol is pleased to offer our help and expertise on mapping out and fulfilling your journey to SAP S/4HANA.
Plan ahead to join Bramasol and other SAP Professionals at SAP Controlling 2018 conference in San Diego, CA on September 17-20, 2018.
A recent article in Accounting Today provides an interesting look back at lessons learned during the adoption of new Revenue Recognition standards, along with analysis of the implications for similar upcoming projects, such as implementation of new Lease Accounting standards.
A recent blog post by Bramasol CEO Dave Fellers posed this important question: "How does a company go about getting targeted cost-effective compliance in the near-term along with a transformative path forward to overall Finance Innovation?"